Rigetti Computing (NASDAQ:RGTI) Stock Price Down 7.9% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI) was down 7.9% during mid-day trading on Tuesday . The stock traded as low as $16.24 and last traded at $16.55. 26,654,533 shares were traded during trading, a decline of 25% from the average session volume of 35,405,516 shares. The stock had previously closed at $17.96.

Analysts Set New Price Targets

RGTI has been the topic of a number of recent research reports. Benchmark lowered their target price on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating on the stock in a research note on Friday, March 20th. Weiss Ratings restated a “sell (e+)” rating on shares of Rigetti Computing in a report on Tuesday, June 2nd. Rosenblatt Securities reiterated a “buy” rating and issued a $40.00 price target on shares of Rigetti Computing in a research note on Thursday, June 11th. Northland Securities began coverage on shares of Rigetti Computing in a report on Monday, April 20th. They set a “market perform” rating and a $20.00 price target on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $31.00 price objective on shares of Rigetti Computing in a research note on Tuesday, May 12th. Seven investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $30.60.

Rigetti Computing Price Performance

The stock has a market cap of $5.50 billion, a P/E ratio of -19.02 and a beta of 1.95. The firm’s fifty day moving average price is $20.42 and its two-hundred day moving average price is $19.48.

Rigetti Computing (NASDAQ:RGTI) last posted its quarterly earnings results on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.01. Rigetti Computing had a negative net margin of 2,789.71% and a negative return on equity of 10.40%. The business had revenue of $4.40 million during the quarter, compared to analyst estimates of $4.09 million. During the same period in the prior year, the business posted ($0.05) earnings per share. The company’s revenue was up 198.9% on a year-over-year basis. On average, research analysts expect that Rigetti Computing, Inc. will post -0.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $22.95, for a total transaction of $84,501.90. Following the completion of the transaction, the chief financial officer directly owned 171,927 shares of the company’s stock, valued at approximately $3,945,724.65. This represents a 2.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Ray O. Johnson sold 122,188 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $21.30, for a total value of $2,602,604.40. Following the sale, the director owned 171,273 shares in the company, valued at approximately $3,648,114.90. This trade represents a 41.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 728,901 shares of company stock valued at $17,546,343. Insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Danske Bank A S purchased a new position in Rigetti Computing during the 3rd quarter valued at about $30,000. Parallel Advisors LLC raised its holdings in shares of Rigetti Computing by 403.2% during the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after purchasing an additional 871 shares during the last quarter. Heritage Wealth Advisors boosted its stake in shares of Rigetti Computing by 454.3% in the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after buying an additional 954 shares during the last quarter. Larson Financial Group LLC boosted its holdings in Rigetti Computing by 138.4% during the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after buying an additional 707 shares in the last quarter. Finally, EFG International AG purchased a new position in Rigetti Computing during the fourth quarter worth approximately $28,000. 35.38% of the stock is currently owned by institutional investors.

Rigetti Computing Company Profile

Rigetti Computing is a pioneering quantum computing company that designs and manufactures superconducting quantum processors alongside a complementary software stack. Founded in 2013 by CEO Chad Rigetti, the company has developed end-to-end quantum systems—from cryogenic hardware to control electronics—to advance the performance and scalability of quantum machines.

At the core of Rigetti’s offering is its Quantum Cloud Services (QCS) platform, which enables developers and enterprises to access quantum processing units (QPUs) and hybrid quantum-classical workflows via the cloud.